The British Honey Company PLC (09300046): administration
- Status
- Administration ended
- Administration began
- 2023-04-25
- Administrators
- Philip Lewis Armstrong, Geoffrey Paul Rowley
- Administrators' firm
- FRP Advisory
- Formerly
- The British Honey Company Ltd; The Oxford Honey Company Ltd
- Incorporated
- 2014-11-07
- Location
- London
- Industry
- 10890 Manufacture of other food products n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Parent or group failure
From the administrators' statement
BHC was incorporated as The Oxford Honey Company Limited on 7 November 2014. BHC traded as a private limited company, until March 2020, when the business became a public company, floating on Aquis after successfully raising £4.25m by way of an IPO.
As at March 2020, BHC had eight active directors and traded from leasehold premises located in Worminghall, Buckinghamshire and employed 18 members of staff in production and administrative roles. This decreased to 15 employees as at the date of appointment.
The directors of BHC pursued a number of strategic investment opportunities, firstly a share swap with List, a company in the USA. In June 2020 BHC acquired 10% of List and issued approx £0.5m of BHC’s shares to List. This was approximately 4.25% of BHC’s issued share capital. BHC had an option to acquire the other 90% of List for £4.5m plus an earn out of up to £0.5m.
Administrators' statement of proposals (2023-06-21) · Companies House register